The technology sector is hit hard: 90,000 jobs lost and silent layoffs on the rise in 2024

Faced with economic pressures, technology companies are carrying out quiet layoffs, intensifying employee stress.

June 25, 2024

More than 90,000 IT employees have already lost their jobs in 2024 and many are now facing silent layoffs. The tech industry is seeing significant job losses in 2024, with a worrying trend of quiet layoffs now affecting many IT workers. In the first half of this year, 98,834 employees were laid off by 337 technology companies, driven by continued efforts to reduce operational costs amid economic uncertainties.

Silent layoffs, a growing practice in the industry, involve quietly pressuring employees to leave without a public announcement. Major Indian IT companies have quietly laid off between 2,000 and 3,000 employees in the first five months of the year, according to reports. This method generally gives employees 30 days to find a new role within the company before their dismissal, which increases job insecurity and stress.

The All India IT & ITeS Employees’ Union (AIITEU) and the Nascent Information Technology Employees Senate (NITES) have both highlighted that quiet layoffs have a disproportionate impact on experienced and higher-paid employees. Although these layoffs provide notice periods, unlike “quiet layoffs,” they still place immense pressure on employees to quickly secure another position.

As the tech industry continues to navigate this turbulent period, increasing quiet layoffs present significant challenges for the workforce. The industry must address these issues and find ways to support affected employees amid continued economic challenges in 2024.